A competitive firm has the short-run cost function C(y) = 12y3−8y2+30y+12. At what price will the firm agree to produce in the short run? What is the shutdown condition for this firm? Show all working and explanation.
A competitive firm has the short-run cost function C(y) = 12y3−8y2+30y+12. At what price will the firm agree to produce in the short run? What is the shutdown condition for this firm? Show all working and explanation.
Chapter7: Perefect Competition
Section: Chapter Questions
Problem 5SQP
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A competitive firm has the short-run cost function
C(y) = 12y3−8y2+30y+12.
At what price will the firm agree to produce in the short run? What is the shutdown condition for this firm?
Show all working and explanation.
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